Kuwait Fund for Arab Economic Development Signs $3 Million Loan Agreement to Help Finance Hospital Construction in Maldives

The Kuwait Fund for Arab Economic Development signed a loan agreement with the Government of the Republic of Maldives, under which the Fund provides a loan worth 3 million Kuwaiti dinars to help finance the construction of the new Thaa Fimandoo Hospital, as part of the developmental cooperation between the State of Kuwait and the Republic of Maldives. The agreement was signed on behalf of the Kuwait Fund by Rashid Al-Bader, Acting Director General, and on behalf of the Government of the Republic of Maldives by Hassan Zareer, Minister of Finance and Public Enterprises.

The project aims to develop healthcare services in Thaa Fimandoo Island and nearby islands within the Thaa Atoll (a group of coral islands) in the Republic of Maldives, by constructing a new hospital that meets the health needs of the population, enhances the quality of medical services, and improves access to them. The project is also expected to reduce the need to transfer patients to hospitals on other islands or to the capital, Malé, and to lessen reliance on maritime and air ambulance services, thereby alleviating the burdens associated with patient transfers and supporting the Maldivian government’s efforts to decentralize healthcare delivery and ease pressure on central hospitals.

The project includes the construction of a main hospital building comprising four floors, with a capacity of 50 beds and a total construction area of approximately 13,321 square meters, along with a single-story service building covering approximately 568.4 square meters. The total estimated cost of the project is around 6.3 million Kuwaiti dinars, with the Fund’s loan covering approximately 47.8% of the total cost, while the Government of the Republic of Maldives will cover the remaining amount and any potential cost overruns.